WILMINGTON, Del./BANGALORE, Feb 16 (Reuters) - A developer of luxury ski resorts, multimillion dollar townhouses and a Jack Nicklaus golf course near Lake Tahoe filed for bankruptcy on Tuesday, a victim of a commercial real estate crash.
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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